Dutch Investment Banks Tighten
Rules on Trading by Analysts

AMSTERDAM -- Dutch investment banks, following the example of some global securities firms, are tightening the rules governing analysts' trading of equities.

The changes were prompted by the harmonization of compliance rules of the Dutch central bank and Stichting Toezicht Effectenverke er, the financial-markets watchdog, that took effect July 1, bankers said. It was also sparked, they said, by a spate of media reports questioning analysts' independence.